Privacy at fore of credit reporting meeting

The Minister for Privacy Brendon O'Connor has announced details of a roundtable meeting earlier this week aimed to discuss and contribute to the development of a new proposed "industry-led" Credit Reporting Code of Conduct.

The Minister for Privacy Brendon O'Connor has announced details of a roundtable meeting earlier this week aimed to discuss and contribute to the development of a new proposed "industry-led" Credit Reporting Code of Conduct.

Finance companies, credit reporting agencies and consumer and privacy advocates are invited to attend the roundtable, which will be held at Parliament House, Canberra on 10 February.

Currently under the Privacy Act, banks and financial institutions are required to protect the privacy of customers, which include credit history and details. The new code will have more specific rules around access to personal information, data accuracy and complaint handling than the current legislation.

"A binding Code of Conduct will be an integral part of the new credit reporting regime, helping to provide better protection for consumers and better guidance for business," said O'Connor.

The development of a new Credit Reporting Code of Conduct follows recommendations in 2008 from the Australian Law Reform Commission to improve Australia's privacy framework.

"The roundtable will contribute to the development of the industry-led code, and will provide an open forum for interested parties to discuss any outstanding issues of concern," O'Connor said.